M&G sells down St James's Place holding

M&G has cut its position in St James's Place (SJP) after majority shareholder Lloyds sold down its own stake in the wealth manager.

M&G, the second largest shareholder in SJP behind Lloyds as at the turn of the year, sold shares at the end of last week to bring its disclosable stake down from just over 5% to 3.37%. The stock is held in the group's flagship £7.6bn Recovery fund, managed by Tom Dobell (pictured), as well as life mandates run at Prudential. Dobell held five million shares in St James's Place worth £20.8m at the start of 2013, prior to Lloyds' 11 March announcement that it was to reduce its 57% stake in SJP to around 37%. Other high profile managers remain buyers of the stock, with AXA IM's Nigel T...